A new report commissioned by CityFibre has identified that Swindon stands to be a huge beneficiary from the rollout of future-proof full fibre infrastructure which is now well underway across the city.
The study by the consultancy Hatch, (Economic Impact of Full Fibre Infrastructure from CityFibre’s Network), estimates that, over a 15-year period, the positive impacts of CityFibre’s £40m investment in Swindon will include £335m in productivity and innovation gains, £74m from a widened workforce, £10m in Local Authority efficiency savings and £150m in increased housing value.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in Swindon will help unlock £797m in gross added value (GVA) from 5G services, £163m from the Internet of Things and £141m from Smart City initiatives, like intelligent traffic management systems and street lighting.
The continuing transition to home and flexible working, supported by full fibre access at home and in the office, is also unlocking access to a larger pool of labour for employers. In Swindon, working productivity uplifts are estimated to exceed £19m.
The direct impact of network construction is also identified as a major contributor of Swindon’s economic growth, creating network construction jobs within CityFibre’s build partners and supply chain. Wherever possible, the new jobs will be recruited locally to support the rollout.
The UK stands to benefit from over £38bn in potential economic benefits. Productivity improvements and innovation are responsible for the largest impact, driving more than £22bn in GVA gains nationwide. This is due to the positive effect that far faster and more reliable digital connectivity has been shown to have on business productivity and innovation, increasing turnover and contributing to the formation of new businesses and business models.
Neil Madle, Area Manager for Swindon at CityFibre, says: “This report demonstrates just how powerful and essential full fibre is as a catalyst for growth in the town and a platform for innovation and investment.
“We’re extremely proud of our £40m rollout in Swindon and grateful for the council’s support. We look forward to seeing the benefits for residents and businesses really unfold over the coming years and decades to come.”
Councillor David Renard, Leader at Swindon Borough Council, comments: “The rollout of full fibre infrastructure across the borough is essential if we want our already successful economy to continue to thrive in the years to come and this report outlines some of the huge benefits we can expect to see.
“We were really keen to work with CityFibre to ensure our town was at the front of the queue to receive lightning fast and future-proof broadband because it will be a game-changer for both residents and businesses in Swindon.”